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Large Down & Credit Score Question

We just sold our home and are looking at buying a place in the $150K range with $70K down. We are in our 60s and want something small and less costly in order to prepare ourselves for retirement. My husband wants me to obtain the mortgage since I'm working he is between contracts. I make $50K per year and have the following scores: Equifax 671, Transunion 694 and Experian 693. Would I qualify for a mortgage under these conditions?

Thank you for your input.
  • August 06 2013 - Boise
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Answers (9)

It's great that you are planning thoughtfully ahead. Most lenders would like to see a credit score above 720 in order to provide the very best rates, but really anything above 620 with a 20%+ down payment is all good.
  • August 06 2013
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Profile picture for Gary DiFilippo
You should have no issue at all. I am a Sr. Mortgage Consultant with a National Lender. I would be more than happy to assist you with the process, and answer any further questions you may have. Please feel free to contact me through my profile at anytime. Thank you and good luck.
  • August 06 2013
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Hello,

Based on the figures you have given, you should be fine as long as you don't have a lot of additional debt such as bank loan, credit card, car loan etc.

  • August 06 2013
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Profile picture for daveskow
you should get pre approved  to know for certain
too many unknowns to answer your question in this forum
  • August 06 2013
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There are many different types of loans available so before you make your decision, find out which are available to you individually and with your husband.  Look at programs like Conventional, FHA, and Idaho Housing and Finance (IHFA).  If either you or your husband served in the military and have VA eligibility, look into that too.

Think about the impact on estate planning and tax planning if you just have the home in your name verses both!

There is much more to getting a mortgage than credit, income and monthly payments!  Sometimes a little investigation up front on options can save you thousands down the road!

Hope this helps!
Jim
  • August 07 2013
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Profile picture for MichelleNoble
Based on the information you've provided you should have no problem at all.
  • August 07 2013
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Based on the info you provided you should be able to get a loan quite easily.  Understand however, that lenders are requiring alot more documentation than they did several years ago so be prepared to jump through some extra hoops.  

Best of luck to you!

Natalie Filbert, Associate Broker, GRI
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  • August 13 2013
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You mention you are both in your 60's.  If you are over 62 then it might be worth it to look into a HECM for purchase.  Your scores won't matter, nor will your income.  Your down payment should be sufficient enough you will never have a house payment while you both live out your retirements in your home.  Contact me through my profile if you would like information on this program.
  • August 13 2013
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Profile picture for Academy Mortgage AZ
Looks like you have lots of options.   Contact a few lenders in your area. 

Enjoy retirement!

Mike,
  • August 13 2013
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